22 Jan 2024
The Power of Livestreaming in China's eCommerce Boom
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The Livestreaming eCommerce market in China is forecast to reach 700bn RMB (£80bn) in 2023, roughly equivalent to the entire eCommerce market of South Korea. Chinese consumers show an increasing appetite to shop through this innovative channel, placing their trust in livestreaming anchors and online celebrities to bring them the best products at the best prices. Join this session to hear from Jack Porteous from Samarkand Global, an expert on Chinese eCommerce strategy and execution, and Clare McMullen from Temple Spa, who will share learnings and successes from this exciting channel opportunity.
Key Takeaways:
- Market Evolution: Jack Porteous outlined the rapid evolution of the Chinese e-commerce landscape, with platforms like Douyin gaining prominence and live streaming emerging as a dominant sales driver.
- Local Partnerships: Emphasising the necessity of local expertise, Porteous stressed the importance of collaborating with Chinese partners to navigate the dynamic e-commerce environment and identify authentic live streaming opportunities.
- Sales Surge: Jessie Han shared Temple Spa's remarkable success, attributing approximately 50% of China revenue to live streaming, showcasing the immense potential of this channel.
- Challenges with Influencers: While acknowledging the impact of top influencers like Austin Lee, Han cautioned about the challenges, including high stock demands and control over product aspects.
- Mitigating Risks: Advising on stability, Han recommended maintaining stable sales channels to counter live streaming unpredictability and having buffer stock for seizing unexpected opportunities.
- Expertise and Support: Jack Porteous concluded by highlighting Samarkand Global's expertise in Chinese beauty and social commerce, offering a unique blend of UK and China offices to assist brands in their expansion to China.
🎧 Listen to the Full Session
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